NEW YORK (AP) — After watching the explosive growth at electronic payment start-ups like Jack Dorsey’s Square, JPMorgan Chase has launched its own version to lure small business owners increasingly relying on technology during the pandemic.
The bank’s new QuickAccept checking account will allow businesses to process card payments almost instantly.
Mobile payment platforms from Square and others had already become ubiquitous at small businesses, from restaurants to farmer’s markets.
The pandemic has accelerated that trend, with so many small businesses making transactions through a window or other barriers. Quarterly sales growth at Square jumped than 64% in its most recent quarter. Square was founded in 2009 by Dorsey, who is also the founder and CEO of Twitter.